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4321

A consumer with $10 needs a dress, a pair of shoes, a handbag and jewelry costing $20, $10, $7 and $3 respectively. The opportunity cost of buying the pair of shoes Is the________

  • A. Dress.
  • B. Jewelry.
  • C. Handbag and Jewelry.
  • D. Dress and Jewelry
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4322

The distinguishing function of an entrepreneur is_______

  • A. Planning.
  • B. Control.
  • C. Risk-bearing.
  • D. Management.
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4323

When a commodity market operates without government interference, commodities are distributed through_______

  • A. A government distribution agencies.
  • B. The operation of price mechanism.
  • C. A central planning committee
  • D. Retailers only.
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4324

One way of obtaining the median of a given data is to__________

  • A. Sum the value and divide by the number of items.
  • B. Arrange the data in ascending order and subtract each item from the mean.
  • C. Arrange the data in descending order and add each item to the least.
  • D. Arrange the data in either ascending or descending order and find what item divides the set in two equal parts.
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4325

An increase in the rice harvest, all things being equal, may cause____________

  • A. Price to increase substantially.
  • B. Price to fall substantially.
  • C. Demand to fall substantially.
  • D. Farmer's incomes to be more than doubled
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
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